Many Idea Cloud (HKG:6696) raised about HK$272.2 million in net proceeds after completing its rights issue, according to a Thursday Hong Kong bourse filing.

Shares of the marketing firm were up nearly 10% in Friday morning trade.

The company said the six-for-one rights issue was about 24.4% subscribed, the filing showed.

The remaining 435.6 million rights shares were fully placed under compensatory arrangements at HK$0.4753 per share, resulting in full subscription of the 576 million rights shares offered.

Many Idea Cloud said it plans to use the net proceeds for AI model development and to purchase online media resources, including traffic from platforms such as Kuaishou (HKG:1024), Shipinhao, and Xiaohongshu.